KARACHI: September 19, 2022. On Monday, open market took charge of pushing up US dollar value in Pakistan.
On the first working day of the week (Monday), US dollar appreciated massively against the rupee in open market and it pegged up by Rs 3 to take a USD-rupee parity to Rs 243 ( buying) from Rs 240 of the last working day..
In interbank, US dollar remained at the value of last working day (Friday).
It showed an increase of Rs 0.80 in the first session of Monday in interbank, but lost the gain and closed at the same value of the last Friday.
At the end of working day on Monday in interbank , US dollar closed at Rs 237. On last Friday, US dollar had ended -up at the same value of Rs 237 in interbank.
Interbank and open market have close link to push up US dollar value in the domestic currency market .
if one of the two make major gain in US value against the rupee , other remains inactive and waits for its turn .
Interbank and open market are two sides of the same mafia in currency trading in Pakistan. This double- edge mafia of open market and interbank is flourishing under the protection of the State Bank of Pakistan (SBP).